Cap on Operating Expenses Sample Clauses

Cap on Operating Expenses. ATTACHED TO AND A PART OF THE LEASE AGREEMENT DATED JUNE 5, 1995, BETWEEN SECURITY CAPITAL INDUSTRIAL TRUST and PHASE METRICS, INC. Once the Base Year has been established, Tenant shall not be obligated to pay for increases in Operating expenses in any year to the extent they have increased by more than ten percent (10%) from the prior year. The base year as defined herein shall be the first full year of stabilized occupancy of the project and full assessment for real estate tax purposes. For purposes of this Addendum, Operating Expenses shall mean all operating expenses defined in Paragraphs 6, 7, and 8 of the Lease. In no event, however, shall expenses or utility costs which are separately metered be subject to a cap. Operating Expenses shall be determined on an aggregate basis and not on an individual basis, and the cap on Operating Expenses shall be determined on Operating Expenses as they have been adjusted for vacancy or usage pursuant to the terms of this Lease. Notwithstanding the above, after full assessment, Tenant shall not be obligated to pay for increases in real estate taxes of more than 2% per year. In the event of a sale of the Premises during the original Term of this Lease, the Tenant shall not be required to pay for increases in real estate taxes of more than 25% on a cumulative basis during the original Term of this Lease.
Sample 1
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Cap on Operating Expenses. For the purpose of determining Additional Rent, Operating Expenses (exclusive of the Non-Capped Operating Expenses, as hereinafter defined) for any calendar year shall not be increased over the amount of Operating Expenses (exclusive of Non-Capped Operating Expenses) during the calendar year in which the 3rd Floor Expansion Premises Commencement Date occurs by more than six percent (6%) per year on a cumulative basis, compounded annually. It is understood and agreed that there shall be no cap on Non-Capped Operating Expenses, which are hereby defined to mean all Utility Expenses, Real Estate Taxes and Insurance Premiums. CERTAIN CONFIDENTIAL INFORMATION IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. RIDER 2 TENANT'S ON-GOING RIGHT OF FIRST REFUSAL
Sample 1
Cap on Operating Expenses. Landlord and Tenant hereby agree that certain Operating Expenses for the 3rd Floor Expansion Premises shall be capped at six percent (6%) per year on a cumulative basis, compounded annually, pursuant to the terms of Rider 1 attached to this Amendment.
Sample 1
Cap on Operating Expenses. Notwithstanding anything to the contrary contained herein, Tenant shall not be required to pay Tenant's Proportionate Share of Operating Expenses (inclusive of any administrative or management fees expressly authorized herein), whether estimated or actual, which exceeds five percent (5%) over the prior calendar year's Operating Expenses ("Cap on Operating Expenses"). Notwithstanding the foregoing, the costs and expenses for snow and ice removal, Real Estate Taxes (as defined below), insurance, and any increases in common area utility rates shall be excluded from the Cap on Operating Expenses.
Sample 1
Cap on Operating Expenses. Notwithstanding anything to the contrary, the final total amount of Operating Expenses for the Building used to calculate Tenant’s Operating Payment for the first Operating Expense Year shall not exceed One Hundred Five Percent (105%) of the final total amount of Operating Expenses for the Operating Expense Base Year and for each succeeding Operating Expense Year the final total amount of Operating Expense used to calculate Tenant’s Operating Payment shall not exceed One Hundred Five Percent (105%) of the final total amount of Operating Expenses for the immediately preceding Operating Expense Year unless, with respect to fuel oil, gas, other utilities, security, salaries, insurance and/or snow removal (collectively, the “Uncontrollable Costs”), Landlord (x) reasonably anticipates that any Uncontrollable Costs will increase by more than five percent (5%) and (y) furnishes Tenant with a reasonably detailed breakdown of the components of the applicable Uncontrollable Costs and the basis for such projected increase, which in the event clause (x) and clause (y) occur, the 105% limit shall not apply to the applicable Uncontrollable Costs. (4)
Sample 1
Cap on Operating Expenses. Operating Expenses in the aggregate shall not increase more than five percent (5%) annually on a cumulative basis, excluding Taxes, insurance and utilities, which shall not be subject to a cap.
Sample 1

Related to Cap on Operating Expenses

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

  • Operating Expenses The Lessor shall have no obligation to provide any services, perform any acts, or pay expenses, charges, obligations or costs of any kind whatsoever with respect to the Premises. The Lessee hereby agrees to pay one-hundred percent (100%) of any and all Operating Expenses as hereafter defined for the entire term of the Lease and any extensions thereof in accordance with specific provisions hereinafter set forth. The term “Operating Expenses” shall include all costs to the Lessor of operating and maintaining the Premises, and shall include, without limitation, real estate and personal property taxes and assessments, management fee(s), heating, air conditioning, HVAC, electricity, water, waste disposal, sewage, operating materials and supplies, service agreements and charges, lawn care, snow removal, restriping, repairs, repaving, cleaning and custodial, security, insurance, the cost of contesting the validity or applicability of any governmental acts which may affect operating expenses, and all other direct operating costs of operating and maintaining the Premises and related parking areas, unless expressly excluded from operating expenses.

  • Common Area Operating Expenses Lessee shall pay to Lessor during the term hereof, in addition to the Base Rent, Lessee's Share (as specified in Paragraph 1.6(b)) of all Common Area Operating Expenses, as hereinafter defined, during each calendar year of the term of this Lease, in accordance with the following provisions:

  • Operating Expense Limit The Fund’s maximum operating expense limits (each an “Operating Expense Limit”) in any year shall be that percentage of the average daily net assets of the Fund as set forth on Schedule A attached hereto and incorporated by this reference.

  • Operating Costs (a) Tenant shall maintain the Premises in their condition on the Effective Date at Tenant’s sole cost and expense. Landlord may inspect the Premises and, if Landlord reasonably determines that Tenant is not maintaining the Premises in their condition on the Effective Date, Landlord may provide Tenant with written notice of any such maintenance concern, and Tenant shall promptly make such repairs. If Tenant fails to complete such repairs within thirty (30) days of receipt of such notice, Landlord may undertake such repairs and Tenant shall be obligated to reimburse Landlord for its costs within ten (10) days of receipt of an invoice therefore. Landlord represents and warrants to Tenant that the exterior walls, foundation and roof of the Premises are in good working order on the Effective Date. Landlord will, at its cost, replace, restore, repair or maintain (as necessary) the roof until the first anniversary of the Commencement Date. Landlord will, at its cost, replace, restore, repair or maintain (as necessary) the exterior walls and foundation of the Premises until the fifth anniversary of the Commencement Date. Tenant shall be fully responsible for the replacement, restoration, repair and maintenance of the roof, exterior walls and foundation of the Premises thereafter. If Landlord fails to commence such repairs within thirty (30) days of receipt of any notice from Tenant, Tenant may undertake such repairs and Landlord shall be obligated to reimburse Tenant for its costs within ten (10) days of receipt of an invoice therefore; provided, however, that Tenant shall have no rights to offset or set off any such amounts against the Rent to be paid hereunder. If Landlord does not reimburse Tenant within ten (10) days from the date of notice, such charge shall bear interest at the rate of eighteen percent (18%) per annum until paid. Notwithstanding anything to the contrary herein contained (except for the provisions of paragraph 32 below), if Tenant makes any changes, additions or alterations to the roof of the Premises which involves penetration of the roof (other than those for telecommunications installations so long as the installation contractor has Landlord’s prior written approval which will not be unreasonably conditioned, delayed or denied), Landlord’s obligations to replace, restore, repair or maintain the roof shall cease. If Tenant undertakes any structural repairs in the Premises which impact, affect, or alter the walls or foundation of the Premises, Landlord’s obligation to replace, restore, repair or maintain that portion of the exterior walls and foundation of the Premises shall cease as of the date of such action by Tenant. Any Operating Costs that pertain to a period prior to or after the Lease Term will be pro rated between Landlord and Tenant in the proportion of the amount of the Lease Term that falls within the period to which the Operating Costs pertain.

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